Compliance

Merchants shouldn't have their heads in the clouds when it comes to data security — especially when they rely on cloud computing to handle payment card data.

Just two weeks after issuing new mortgage rules, the Consumer Financial Protection Bureau added 1,800 pages of regulations covering mortgage servicing-which one analyst says will have an impact on systems and staffing at credit unions.

Bob Dorsa, president of the American Credit Union Mortgage Association (ACUMA), said the initial response from his membership to new mortgage servicing rules from the CFPB is that they are going to cost credit unions more money.

One credit union believes the new mortgage servicing rules from the CFPB are going to make life "quite difficult" for many CUs, depending on the kind of platform they have in place.

While legal and political wrangling continue around Richard Cordray's appointment as director of the Consumer Financial Protection Bureau, credit unions are being urged to continue to work to comply with all the rules set by the new agency.

WASHINGTON – Republican senators on Friday filed a bill that would block the Consumer Financial Protection Bureau from enforcing or implementing a host of new mortgage and credit card regulations until a new director is confirmed by the Senate – intensifying the chess game over the fledgling consumer agency.

WASHINGTON – Senate Republicans massed again today in opposition to the nomination to head the Consumer Financial Protection Bureau, insisting that President Obama agree to their terms for a five-person board to head the agency before they vote to confirm a director.

The council announced Jan. 31 its guidelines for e-commerce data safety. The information is a result of research completed by the council's e-commerce security special interest group.

WASHINGTON – A Republican Senator called for the resignation of the director of the Consumer Financial Protection Bureau and three National Labor Relations Board members who a federal appeals court ruled Friday were illegally seated as recess appointees last year by President Obama.

WASHINGTON—Today’s ruling by a federal court invalidating several presidential appointments could threaten last year’s recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau, according to Republican leaders who brought the challenge.